Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0277%/8h= +30.3% APRpaid last 24h +0.018%

Price spread now: BloFin against Hotstuff+0.050%99s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.050% dearer against Hotstuff than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	86,401	−0.0080	get 0.0010% / 1h	55m 27s	$9K	$3K	50x
Short	BloFin BTC-USDT	86,444.4	0.0197	get 0.0197% / 8h	7h 55m	$414.8M	$658.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hotstuff. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HotstuffbpFee BloFinbpOrdersPrice spread, now +0.050%Rate

Funding earned: $58.11
Price spread: +0.050% → 0.000%: $5.02
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $46.14
Costs to cover: 0.170%
Break-even: 1.4 days

Slippage unknown: Hotstuff: no order-book sample; BloFin: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hotstuff no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.3 bp −$634	doesn't fit

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.0874%	1h	86,438.1	+0.043%	$140K	$664K	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.088%	$141.6M	$323.3M	100x	as long as short
Phoenix BTC	−0.0118%	1h	86,544	+0.166%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,401	long leg	$9K	$3K	50x
01 Exchange BTCUSD	−0.0032%	1h	86,387	−0.016%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,457.4	+0.065%	$416K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,433.3	+0.037%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,458.7	+0.067%	$16.9M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,394	−0.008%	$501.1M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.249%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.078%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,400.3	−0.001%	$833.6M	$727.4M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0035%	1h	86,448.9	+0.055%	$907.1M	$1.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0040%	1h	86,372.9	−0.033%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0046%	8h	86,393.6	−0.009%	—	$1.59B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,383.9	−0.020%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,370.9	−0.035%	$2.96B	$5.11B	150x	as long as short
SoDEX BTC-USD	+0.0062%	1h	86,409	+0.009%	$60.4M	$338.1M	40x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,375.4	−0.030%	$9.43B	$24.52B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,400.1	−0.001%	$5.14B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,451.9	+0.059%	$2.5M	$1.3M	20x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,381	−0.023%	$8.4M	$52.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,414.9	+0.016%	$170.1M	$980.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,421.5	+0.024%	$23.7M	$148.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,363	−0.044%	$198K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,418.2	+0.020%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,407.6	+0.008%	$22.1M	$233.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,475	+0.086%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,426	+0.029%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,377.6	−0.027%	$5.26B	$9.77B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,385.6	−0.018%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,424	+0.027%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,420.7	+0.023%	$7.3M	$96.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.142%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,384.7	−0.019%	$5.85B	$10.43B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,409.4	+0.010%	$37.7M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.045%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.096%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,422.6	+0.025%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,437	+0.042%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,377	−0.028%	$11.0M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,409.8	+0.010%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,404.6	+0.004%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,446.5	+0.053%	$30.5M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,398.5	−0.003%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,419.2	+0.021%	$2.29B	$969.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,417.3	+0.019%	$152.9M	$479.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,364.1	−0.043%	$45.8M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,466.3	+0.076%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,461	+0.069%	$132.5M	$5.61B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,449.1	+0.056%	$193.0M	$951.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,537.8	+0.158%	$78K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,443.7	+0.049%	$715K	$8.0M	30x	as long as short
BloFin BTC-USDTshort	+0.0197%	8h	86,444.4	+0.050%	$414.8M	$658.9M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0222%	1h	86,425.4	+0.028%	$14.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,467	+0.076%	$9.2M	$758.1M	6.4x	as long as short